Mumbai-based Indian Performing Right Society Limited (IPRS) on Thursday distributed royalty of more than Rs20 crore to composers, song writers and publishers.
The IPRS is a representative body of owners of music — the composers, lyricists, authors and the publishers of music.
Veteran lyricist and chairman of IPRS Javed Akhtar distributed the money to its member authors, composers and publishers, read a statement.
The IPRS also distributed royalties to music composers and legends like Pandit Shiv Kumar Sharma and Pandit Hariprasad Chaurasia, both of whom were instrumental in the amendment of the Copyright Act along with Akhtar in 2012.
Akhtar said: “I am very glad that IPRS is beginning to benefit our classical music artistes who epitomise our great music tradition. IPRS revenues have seen a significant increase in the year ended 31 March 2019, which is a result of the expanded rights mandate vested with IPRS and importantly its democratic constitution which allows all stakeholder non-discriminatory treatment, equal representation and a voice in the administration of IPRS.
“The revamped IPRS is now benefiting its author, composer and publisher members economically. This royalty distribution event is a very optimistic sign that IPRS, which comprises of its author and composer members and music label colleagues, are all committed in their effort to ensure that IPRS as a representative body of all stakeholders acts in a non-discriminatory and transparent manner both in the interests of all stakeholders as well as that of potential licensees.”
In 2017, the IPRS underwent a major revamp to ensure compliance with the Copyright Act, 1957. The act was amended in 2012 providing a new regulatory structure for Copyright Societies under the Copyright Act.